Airbnb / Short-Term Rental DSCR Loans7.75% to 9.25% · Up to 75% LTV · Close in 21 to 28 days
Talk to PeerSense. The capital source sets the terms. The program covers vacation rentals, condo hotels, Gulf Coast, Smokies, mountain and coastal markets, using AirDNA verified pro forma income underwriting. There is no W 2 or tax return requirement, with 75% LTV for legal properties operating 12 months or more.
Airbnb · VRBO · Booking.com · direct book · vacation rental · condo hotel · LLC friendly · foreign national eligible.
Last updated: ·By Ed Freeman, Capital Advisor. PeerSense
Indicative as of October 1, 2026. Not a quote. Lenders set final pricing at underwriting.
What are typical Airbnb DSCR loan rates in 2026?
As of May 2026, Airbnb DSCR loans price at 7.75% to 9.25%. Core coastal short term rental markets with 2+ years of operating history price at 7.75% to 8.25%, while newer or first year properties price at 8.50% to 9.25%. Maximum LTV is 75% in legal short term rental markets with 12+ months of operating data. DSCR requirements range from 1.0x to 1.15x, with some programs accepting 0.95x with reserves. Terms include 30 year amortization and adjustable or fixed options. Closings take 21 to 28 days. This desk works files of $10 million and up.
Published by PeerSense Capital Advisory · Written by Ed Freeman, Founder. Updated May 2026.
Airbnb / Short-Term Rental DSCR Underwriting Matrix: Terms by Deal Profile
Market data as of May 2026 shows typical LTV, DSCR, term and rate by property type, borrower structure, documentation depth and market. Row sizes are market bands. This desk works portfolio and multi property airbnb / short-term rental DSCR of $10 million and up.
| Property Type | Max LTV | Min DSCR | Term | Amortization | Rate Range | Recourse |
|---|---|---|---|---|---|---|
| STR Legal Market + 12+ mo History | 80% | 1.0x | 30-yr | 30 yr fixed or 5/7/10 ARM | 7.75% to 8.25% | Non recourse (LLC) |
| STR Legal Market + Pro Forma Only | 75% | 1.10x | 30-yr | 30 yr fixed or 5/7/10 ARM | 8.0% to 8.75% | Non recourse (LLC) |
| Cash Out Refi (Stabilized STR) | 70 to 75% | 1.10x | 30-yr | 30-yr fixed | 7.875% to 8.75% | Non recourse (LLC) |
| First Year STR Operator | 70 to 75% | 1.15x | 30-yr | 30 yr fixed or 5/7/10 ARM | 8.25% to 9.0% | Non recourse (LLC) |
| Restrictive Zoning Market (Grandfathered) | 65 to 70% | 1.15x | 30-yr | 30-yr fixed | 8.5% to 9.25% | Non recourse (LLC) |
| Condo / Condo Hotel | 65 to 75% | 1.10x | 30-yr | 30-yr fixed | 8.0% to 9.0% | Non recourse (LLC) |
| Portfolio (2 to 10 STR Units) | 75% | 1.10x | 30-yr | 30-yr fixed | 7.875% to 8.75% | Non recourse (LLC) |
| Pro Forma with Appraiser 1007 Rent Survey | 75% | 1.15x | 30-yr | 30-yr fixed | 8.25% to 9.0% | Non recourse (LLC) |
STR Legal Market + 12+ mo History7.75% to 8.25% · 80% LTV
- Max LTV
- 80%
- Min DSCR
- 1.0x
- Term
- 30-yr
- Amortization
- 30 yr fixed or 5/7/10 ARM
- Rate Range
- 7.75% to 8.25%
- Recourse
- Non recourse (LLC)
STR Legal Market + Pro Forma Only8.0% to 8.75% · 75% LTV
- Max LTV
- 75%
- Min DSCR
- 1.10x
- Term
- 30-yr
- Amortization
- 30 yr fixed or 5/7/10 ARM
- Rate Range
- 8.0% to 8.75%
- Recourse
- Non recourse (LLC)
Cash Out Refi (Stabilized STR)7.875% to 8.75% · 70 to 75% LTV
- Max LTV
- 70 to 75%
- Min DSCR
- 1.10x
- Term
- 30-yr
- Amortization
- 30-yr fixed
- Rate Range
- 7.875% to 8.75%
- Recourse
- Non recourse (LLC)
First Year STR Operator8.25% to 9.0% · 70 to 75% LTV
- Max LTV
- 70 to 75%
- Min DSCR
- 1.15x
- Term
- 30-yr
- Amortization
- 30 yr fixed or 5/7/10 ARM
- Rate Range
- 8.25% to 9.0%
- Recourse
- Non recourse (LLC)
Restrictive Zoning Market (Grandfathered)8.5% to 9.25% · 65 to 70% LTV
- Max LTV
- 65 to 70%
- Min DSCR
- 1.15x
- Term
- 30-yr
- Amortization
- 30-yr fixed
- Rate Range
- 8.5% to 9.25%
- Recourse
- Non recourse (LLC)
Condo / Condo Hotel8.0% to 9.0% · 65 to 75% LTV
- Max LTV
- 65 to 75%
- Min DSCR
- 1.10x
- Term
- 30-yr
- Amortization
- 30-yr fixed
- Rate Range
- 8.0% to 9.0%
- Recourse
- Non recourse (LLC)
Portfolio (2 to 10 STR Units)7.875% to 8.75% · 75% LTV
- Max LTV
- 75%
- Min DSCR
- 1.10x
- Term
- 30-yr
- Amortization
- 30-yr fixed
- Rate Range
- 7.875% to 8.75%
- Recourse
- Non recourse (LLC)
Pro Forma with Appraiser 1007 Rent Survey8.25% to 9.0% · 75% LTV
- Max LTV
- 75%
- Min DSCR
- 1.15x
- Term
- 30-yr
- Amortization
- 30-yr fixed
- Rate Range
- 8.25% to 9.0%
- Recourse
- Non recourse (LLC)
Indicative only, as of May 2026. Not a quote, commitment or offer of credit. Final pricing, leverage and terms are determined by the lender at underwriting, after full transaction materials are reviewed. PeerSense sources the file. The lender sets pricing. What these terms mean.
Indicative ranges as of May 2026. Individual deal pricing depends on LTV, DSCR, property type, tenant credit, sponsor track record, and market spreads at the time of rate lock. Contact PeerSense for a deal specific indication.
Indicative only, as of October 1, 2026. Not a quote, commitment or offer of credit. Final pricing, leverage and terms are determined by the lender at underwriting, after full transaction materials are reviewed. PeerSense sources the file. The lender sets pricing. What these terms mean.
Why Airbnb DSCR Underwrites Differently Than Long Term Rental DSCR
STR income is volatile. A long term tenant pays $3,000/month reliably for 12 months; an Airbnb earns $8,000 in July and $2,000 in January. Lenders account for this with (1) trailing 12 month actuals when available, (2) AirDNA comparable data floored at the 50th percentile, (3) long term rent fallback as stress test, and (4) higher DSCR floors (1.10x to 1.15x vs. 1.0x on long term DSCR). Getting each of these right is the difference between a 7.75% deal and an 8.75% deal.
AirDNA Comparable Data Is Mandatory
Every major DSCR STR lender pulls an AirDNA Rentalizer or MarketMinder report during underwriting. Lenders use the 50th percentile (median comp) | not the top decile numbers sellers pitch. Pull your own AirDNA report BEFORE going to contract to verify the deal cash flows at lender conservative assumptions.
STR Legality Is a Hard Gate
Markets with active STR bans (SF, NYC, Santa Monica), strict permit caps (Austin, Honolulu, Breckenridge), or HOA prohibitions either don't finance as STR DSCR or require fallback to long term rent underwriting. The legality check must happen BEFORE LOI | wasted diligence is expensive.
Seasonality Haircut in Underwriting
Lenders apply 15 to 25% seasonality haircut on pro forma annual revenue to underwrite conservatively. A $100K AirDNA projection becomes $75K to $85K in the DSCR calculation. Builds in buffer for slow shoulder seasons and booking volatility that killed undercapitalized investors in 2023 to 2024.
Operating Expense Normalization
STR operating expenses run 35 to 55% of gross revenue vs. 25 to 35% for long term rentals (higher cleaning, supplies, management, Airbnb fees). Lenders expense normalize | make sure your underwriting expense ratio matches lender conventions or you'll face a surprise at commitment.
Airbnb / Short-Term Rental DSCR Deal Types We Structure
Gulf Coast / Smokies / Mountain STR Acquisition
You've identified an STR legal property in a high volume short term rental corridor (Destin, Panama City Beach, Gatlinburg, Pigeon Forge, Sedona, Park City, Truckee). DSCR STR with 75% LTV, 30 year amortization, non recourse via LLC. AirDNA comps verify the deal cash flows.
Cash Out Refi on Stabilized STR
You've operated the STR for 18+ months with strong trailing revenue. Cash out refinance supports equity access at 70 to 75% LTV for additional STR acquisitions or diversification into long term rentals.
STR Portfolio | 2 to 10 Units
Multi property STR portfolio structured under a single umbrella LLC. Portfolio DSCR supports tighter pricing than individual property financing. Geographic diversification across 2+ markets lowers concentration haircut.
First Year STR Operator (Pro Forma Income)
You're acquiring a property to convert from long term rental to STR (or brand new construction). No trailing STR history yet | underwriting runs on AirDNA pro forma comps with conservative 50th percentile floor. 70 to 75% LTV typical.
Grandfathered Market (Austin, Arizona)
Property in a market with strict STR permit caps but grandfathered permit in place. Lenders require proof of permit (or assumable permit) as condition to close; pricing is 25 to 75 bps wider than unrestricted markets but deal is financeable.
Airbnb / Short-Term Rental DSCR Loans: Frequently Asked Questions
Can DSCR lenders underwrite to Airbnb / short term rental income?+
Yes, specialty DSCR lenders underwrite STR income two ways: (1) trailing 12 month Airbnb / VRBO revenue from your property (if you've owned it as an STR for 12+ months), or (2) AirDNA comparable pro forma data for the specific sub market and property type. Most DSCR STR lenders accept the higher of the two. Market rate long term rent is used as a floor for stress test underwriting.
What are typical Airbnb DSCR loan rates in 2026?+
Airbnb DSCR rates are 7.75% to 9.25% in May 2026. Core coastal STR markets (Gulf Coast, Smokies, Hilton Head) with 2+ year operating history and 1.15x+ DSCR price at the tight end. Newer properties, first year STR operators, or restrictive zoning markets price wider. Expect 100 to 175 bps above conventional DSCR rates for long term rental properties.
What LTV can I get on an Airbnb DSCR loan?+
Airbnb DSCR LTV caps at 75% on purchase for properties in STR legal markets with 12+ months operating history. 75% on purchases with pro forma STR income. 70% to 75% on cash out refinance. Lower LTV (60% to 70%) for condos, condo hotels, and properties in markets with STR regulatory risk (Austin, SF, NYC, certain Arizona / Florida jurisdictions).
Does zoning / HOA STR restriction affect financing?+
Yes, materially. Properties in markets with active STR bans or strict permit caps (San Francisco, New York, Santa Monica, Austin, certain Colorado ski markets, Breckenridge, Park City) either don't finance as STR DSCR or require fallback underwriting to long term rental income. HOA covenants prohibiting short term rentals disqualify the deal outright as STR DSCR. Verify zoning + HOA rules BEFORE going to contract.
How does AirDNA comparable data work in underwriting?+
DSCR STR lenders pull AirDNA's 'Rentalizer' or 'MarketMinder' report for the specific property address, showing projected annual revenue based on comparable active Airbnb / VRBO listings within 0.5 mile with the same bedroom count, bathroom count, and amenities. Lenders typically underwrite at the 50th percentile (median comp performance), not the 75th or 90th percentile that sellers often pitch. AirDNA data costs ~$40 per report.
Is Airbnb DSCR different from vacation rental DSCR?+
Mostly the same product. 'Airbnb DSCR' is a marketing shorthand, lenders underwrite any short term rental regardless of booking platform (Airbnb, VRBO, Booking.com, direct book). Lenders care about: (1) the sub market's STR legality and enforcement, (2) trailing revenue data quality, (3) property's specific STR friendliness (amenities, hot tubs, pools, walk to beach). Vacation rental specialist DSCR programs lead the category, and PeerSense routes each file to the program whose STR box fits the market and revenue history.
Can I close an Airbnb DSCR loan in an LLC?+
Yes, most Airbnb DSCR lenders REQUIRE an LLC or similar entity. Investor DSCR products are non owner occupied by definition; individual name closings typically trigger owner occupancy issues. Single member LLC is fine; multi member may require additional sponsor guarantees. See /dscr-loans/llc for LLC specific DSCR details.
How fast can Airbnb DSCR close?+
21 to 28 days from application to close for well documented borrowers (650+ FICO, 6+ months reserves, clean title, AirDNA comps available). 21 day closes require: full sponsor financials upfront, pre ordered appraisal, LLC entity ready, STR legality pre verified. First time STR investors with pro forma only income (no trailing operation) typically run 28 to 35 days.
Real Reviews from DSCR Investors
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DSCR Investor Loan Sources
- Fannie Mae Multifamily (DUS): Agency take out option for stabilized 5+ unit investor properties refinancing out of DSCR into agency long term debt.
- Freddie Mac Optigo: Agency take out for stabilized investor multifamily, common DSCR to agency path at stabilization.
- AirDNA: Short Term Rental Market Data: Industry standard data provider for Airbnb / short term rental occupancy, ADR, RevPAR, used by DSCR STR lenders for income underwriting.
- FHFA Conforming Loan Limits: Annual conforming loan limit thresholds defining where 'jumbo' DSCR begins ($766,550 baseline, $1.149M high cost, 2026).
- MBA Commercial/Multifamily Finance Research: Quarterly commercial mortgage origination volumes including non QM / investor loan category.
- NAR Investment Property Statistics: National Association of Realtors data on investor share of residential sales, property type breakdown, and regional trends.
External links are provided for informational and verification purposes. PeerSense is not affiliated with and does not endorse any third party site. Information was current at the time of publication.
Deals We Structure
Originators, factoring, CMBS, and bridge. Sizes and structures only. No counterparties named. PeerSense sources capital through a curated network of commercial lenders and capital sources.
$10 million and up value add multifamily bridge
Named takeout first. Close follows the book.
Indicative only, as of October 1, 2026. Not a quote, commitment or offer of credit. Final pricing, leverage and terms are determined by the lender at underwriting, after full transaction materials are reviewed. PeerSense sources the file. The lender sets pricing. What these terms mean.
Talk to PeerSense
Property address, purchase price or payoff, monthly rent (signed lease or STR projection), appraised value, credit score, and entity structure. Rate indication after the file is on the desk.
Airbnb / STR DSCR Loan: The desk will reach out. No obligation.
Ready to Close Your Airbnb / Short-Term Rental DSCR Deal in 21 to 28 days?
Send property address, purchase price (or refi payoff), trailing rent or STR projection, appraised value, credit score, and LLC/entity structure. Rate and lender shortlist after the file is on the desk.
Fee at closing only · Complimentary initial consultation
Published by PeerSense Capital Advisory · Written by Ed Freeman, Founder. Updated May 2026.
Disclaimer: Airbnb / Short-Term Rental DSCR loan rates, terms, and availability are subject to change based on property condition, borrower qualifications, credit score, market conditions, and lender specific guidelines. Rate ranges reflect approximate May 2026 non QM / investor loan pricing and may not reflect current market conditions at the time of reading. PeerSense is a capital advisory firm. All financing provided by third party lenders subject to their own underwriting.